Vornado completes $678M debt modification

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November 4, 2013 at 12:11 PM

Vornado Realty Trust, which has significant operations in Paramus, announced last week the completion of its $678 million debt modification.

According to the announcement, the 5.743 percent mortgage loan secured by its Skyline properties in Fairfax, Va. has been separated into two tranches, a senior $350 million position and a junior $328 million position. The loans have been extended from February 2017 to February 2022, with a one-year extension option and will have an effective interest rate of 2.965 percent. Vornado has committed to fund a minimum of $25 million, through a loan to the property, for interest shortfalls, leasing capital and building capital to restabilize the property.